Should you have a Business Partner?
Should you take on a business partner in a real estate deal?
Or 
You need to ask yourself some serious questions before you make this decision.
Will your partner:
- Carry their share of the workload, or just try to ride on your back?
- Communicate and cooperate when it gets tough, or play the blame game and bail out at the first opportunity?
- Remain loyal?
- Be there for support in good and bad times?
- Want to renegotiate everything on a weekly, or daily, basis?
- If you take a loss, will they turn on you to recoup their losses and let you take the fall?
- If you make money, will they let greed take over?
The bottom line is that a partnership is like a marriage, and it will only be as strong as its weakest link.
Our advice is to be very careful.
People change when money is involved and they may act in a way that is unlike the person you have come to know.
The days of a handshake and simple contract are over. If you can do it yourself, DO IT!
If you must take on a partner, get everything in writing, and I mean everything, and really know who it is that you are getting into business with.
Have a profitable day!
